North America

Last month the US yield curve inverted, with the yield on 10-year Treasury bonds dipping beneath the yield on 3-month Treasury bills.

Impact of political turmoil and Brexit

In recent weeks, investors have fixated on the inversion of several sovereign yield curves, most notably the US Treasury curve.

Equity markets everywhere look 'reasonably placed'

Preparing for the worst despite upbeat sentiment

Economic and investor implications

Believes US is best place to invest

Guide to equity universe

Since the downturn at the close of 2018, US equities have rebounded with smaller caps up over 16% and outpacing the returns of large caps.

At the start of 2019 there were three main reasons to be bearish.